Recently, on-chain analyst Jinju has observed that Jump Trading is taking action to redeem a total value of $410 million worth of wstETH (a total of 120,000 tokens) in batches back into ETH, and subsequently transferring them to major cryptocurrency exchanges such as Binance and OKX. This series of operations started on July 25th and has been ongoing for 9 days. During this period, 83,000 wstETH have successfully been redeemed into 97,500 ETH. Among these, 66,000 ETH (approximately $191.4 million) have already entered exchange accounts. Currently, the wstETH address held by Jump Trading still contains approximately 37,600 tokens that have not yet been transferred. Additionally, 11,500 stETH are in the process of being redeemed into ETH, while another 20,000 ETH are prepared to be transferred to exchanges in batches.